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USDCAD: Prices Still Locked in Familiar Range

USDCAD: Prices Still Locked in Familiar Range

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

USDCAD continues to drift sideways in a narrow range between support at 0.9854 and resistance at 1.0053. A Morning Star candlestick pattern has been formed, but its implications are suspect considering it is occurring without a strong trend to precede it (typically required for a valid a valid reversal pattern). We see no compelling opportunities here for now and will remain on the sidelines until the pair resolves a clear directional bias.

USDCAD_Prices_Still_Locked_in_Familiar_Range_body_Picture_5.png, USDCAD: Prices Still Locked in Familiar Range

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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